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Explain IFRS? State its uses.

Asked by Topperlearning User 9th June 2016, 12:49 PM
Answered by Expert

International Financial Reporting Standards (IFRS) are developed by International Accounting Standards Board (IASB) to bring uniformity by using single accounting standards. 

Uses of IFRS:

  1. Globally, comparing the financial statement of any companies is feasible
  2. IFRS based financial statements helps the investors to make better decision
  3. Financial statement with IFRS, provides confidence to investors to raise or invest their funds
  4. IFRS assists accountants and auditors to render their services in countries
  5. IFRS helps the management to execute the plans globally
Answered by Expert 9th June 2016, 2:49 PM
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